The current Coronavirus epidemic is a “game-changer” for the manufacturing world and specifically Canada. Because of globalization, The effects of these events have put us in a situation where it has become imperative to relocate manufacturing activities. Manufacturers need to locally source their materials and to be less dependant on the international and specifically the Asian supply chains.
A common practice is to purchase goods from less developed countries where less expensive products are made. This creates an almost impossible situation for local manufacturers, they just cannot compete on price.
Because of the effects of the Coronavirus, the delivery of these cheaper items are either delayed or in a few months, they just will not be available. It is time for manufacturers to realize the shut down of the factories in China will complicate the availability of inventory in almost all countries in the world.
Manufacturers need to start looking now for real solutions. A positive outcome for Canada and North American will be the relocation of orders of these materials back to your local supplier if a local supplier exists. Many suppliers have disappeared over the last few years due to globalization. They just could not compete with international suppliers.
Faced with an uncertain economic environment, manufacturers are increasingly motivated to find ulterior sources to acquire the inventory they need.
With Chinese factories closed and local suppliers scarce, the solutions seem to be a little hard to come by. Time to think outside of the box. What if you could buy another company’s overstock inventory?
BizBiz Share is the largest B2B marketplace in Canada where companies can buy, sell or rent their inventories, warehouses and equipment to other members. This gives companies the opportunity to purchase overstock inventory at below-market prices. BizBiz Share becomes the new alternative to the upcoming market issues.
For Elliot Daigneault, the founder of BizBiz Share, the idea for this marketplace was born in 2015 when the global economy was growing. Allow businesses to have quick access to a local network, to meet supply needs, to generate additional income or to have access to inventory, space or equipment at lower costs. In excellent or challenging economic times this concept makes sense.
Given the economic slowdown that we are currently experiencing, BizBiz Share is a tool that businesses need now as a solution to the globalized supply chain.